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Showing content with the highest reputation since 09/24/2020 in Posts

  1. One of the *nastiest* tax seasons in recent memory, and we lived through it. Congratulations, all. Now we can start working on amended returns, non-filers, and get ready for the non-filers who outed themselves to the IRS with the EIP payment returns. Whimper.
    7 points
  2. Yes, the returns will just be filed late. IRS MeF will accept the current and prior 2 years (2019, 2018, 2017) up through the date of shutdown that occurs sometime in mid- to late-November. When e-file reopens in Jan 2021, you will be able to file returns for 2020, 2019, and 2018 at that point.
    6 points
  3. I've been turned off by the IRS for decades.
    6 points
  4. Maybe you know, maybe not - "site:irs.gov" in your search and google will search only the IRS. One of the few good things left about google.
    6 points
  5. The IRS will throw a wide net, and see who fail to wiggle out. I have been subpoenaed merely because I provide payroll software for others to use, and the case had nothing to do with payroll (it was tax prep fraud, where the preparer was faking returns after the fact, and collecting refunds in the names of their clients). The IRS found my software on one of the computers... There are those who are paid to really manage payroll, and thus, openly accept liability. They usually do nothing without first having the funds available, deposit every payroll, and properly limit exposure. There a
    5 points
  6. What always strikes me is how the seemingly smallest thing can affect one's life. One of our kids had an inkling to go one way with his career, which said career is gone until at least the middle of 2021, and instead took a liking to an internship he was doing, and has become a medical researcher - at present working with COVID patients. He is considering the MD route if he can find someone or something which will pay his way (he refuses to be a freshly minted MD with 20 years of work to pay his med school debt). When I look back, I see a few key twists in my life choices as well. Hind
    5 points
  7. Been busier than ever this year. No time for virus fatigue and depression. But there is sadness for those I know that have been affected physically and economically. We need to stay strong because so many depend on us. I’ve been checking in with clients on a regular basis, most doing well. It helps me being stuck inside other than very early bike rides and supermarket trips.
    5 points
  8. And don't forget to tell mom she needs to report this on her taxes!
    5 points
  9. And, payroll reports. I need to read about CT's new myconneCT and set up an account and make it work with QBDT for my tiny payroll. Except for the tax types not yet open under myconneCT that still must be paid via Taxpayer Service Center. And, PPP forgiveness applications. And, laundry. And, my NY/CT-ATP on-demand courses for September and October. And, a few other on-demand courses I haven't completed. And, sleep. And, visit my grandkids before they forget who I am! And,...
    5 points
  10. I would recommend for them to go with a refurbished business laptop, that is what I always recommend to clients not wanting to spend much.
    5 points
  11. Don't give me too much credit, I don't remember it either. I have 2 google bookmarks, the second is a search result that includes site:, so I can remember how to do it!
    5 points
  12. Ant that, my friends, is how Medlin Software was born in the late 70's early 80's. Jerry had an accounting franchise, and wrote his own programs to save time (handle more clients). He shared his programs with others in the same line of work, and so on and so on...
    4 points
  13. I have been working with various CPA firms for over 20 years. Audited financials, reviewed financials, 401K audits and tax consulting and preparation for the owners of the companies I worked for (I would never prepare the tax returns for the company that I do the books for - I want that second set of eyes on my work). The owners always care more about the tax strategies than they do about the review or the audits. The only question the owners have about the financials is usually "did we meet our covenant ratios for the bank"? I have seen good and bad and average firms, but it never fai
    4 points
  14. Sarcasm alert: I'd guess they'll do all of the analytics using printouts spewed by a computer, confirmations that will be assigned to the most recently hired junior staff person, about an inch of checklists to document their thoughts and prayers... and then do a cut & paste of an auditors' report template from a reference book onto the financials and notes that Tom supplied. Hopefully the auditor will remember to change the name in the template from "XYZ Company" before it is issued. /endsarcasm My highest level at this point are review statements, and it IS a lot of wo
    4 points
  15. oh let be snarky for a minute, but don't CPA firms do anything any more?
    4 points
  16. Controllers are allowed to compile a set of financial statements for management's internal purposes, and is typically part of the job requirement to do so. To be clear, the statements Tom asked about are not being issued directly by him to any third parties. Company management would be handing them over to the company's outside CPA that has been hired to audit them. The outside CPA firm is the party that is "issuing" the audit report as part of the complete set of financial statements by doing a lot of work that gives reasonable assurance that the monetary amount and other disclosures
    4 points
  17. Actually, the things they have on there are not included in Max. Normal Education Credits are in MAX, but the optimization of them is not. The 2 year comparison will show the net income from Sch C, E or F, but not the details of the forms. The other states tax credits do not automatically populate in MAX. To me, with my clients, there is not enough of these returns to justify the extra expense of the functionality. I only have 3 clients with other state tax credits. I can print out the prior year C, E or F if I really need to drill into it. I have 1 client with a child in college
    4 points
  18. I see what you mean, not a lot of difference from gray to black. But black plus larger is definitely helpful for these old eyes.
    4 points
  19. Hi Margaret, I know this has been an issue for you for years. As design trends change over time in an effort to be more mobile friendly, stacking elements instead of displaying them side-by-side becomes more common. More white space between elements is meant to make things easier on the eyes--same goes for increased font sizes. This is experimental, but we'll give it a shot to see how it works out. I have created a custom theme for the forum that removes some (hopefully not too important) elements and squeezed some things together for a more compressed layout. I'm not sure if tha
    4 points
  20. Wow! Thanks for that! Now I can see the first listed topic so at least I will now know if anything is new. Thanks again. I think you must be about the best moderator of any group. You are always so very helpful in so many ways. I genuinely appreciate you.
    4 points
  21. I have that problem with phantom unread posts after Judy has moved something to a more appropriate topic. Usually if I just go back to the menu and click the button beside the heading so that I mark all topics as read, I don't have the problem (until the next time I do.) YMMV.
    4 points
  22. I use FileShare that's included in my CCH SiteBuilder web site along with CCH's eSign that handles signatures as well as delivering a digital return copy. I had NO one come into my home office this year. Everyone, except for young kids with no digital footprint yet, was able to sign via eSign (now that NY finally accepts electronic signatures). For the kids who "failed" eSign, I uploaded signature pages to FileShare. Talk to your Drake rep about what they might offer &/or what they've found that works best with Drake. NAEA offers Verifyle free as a member benefit. Maybe NATP does
    4 points
  23. Why would you draw any salary without the funds to cover it? There is one simple answer, wait until the 150K payment arrives before drawing any salary.
    3 points
  24. Just ignore that error and bring up another atxinc.com site. I got that error several times but then went to returnquery.atxinc.com and it was fine. I have a lot of different atx sites bookmarked with useful keywords like 'rehang' or 'forms'.
    3 points
  25. Found this old post that was updated this summer with a different link, and someone commented that it worked last month. Maybe it will help, or not. Don't know. Check out the last 2 posts here:
    3 points
  26. So much work and ethically questions to work on for just $500? If your client has only a "daughter" the limit is $3K, correct? Let the $1500 transfer to line 7 on your client's return and be done with.
    3 points
  27. Yes, but considering it's family, the nice thing is to check and make sure it won't cause mom more problems than it solves adult child. Does mom live in subsidized housing where a small amount of extra income will triple her rent, for example? Sometimes it can do the overall family more good for one person to just eat the extra taxes, rather than shift it to another.
    3 points
  28. Current estimates are that the IRS still has a backlog of 2.5 million unprocessed paper filed 2019 Form 1040s.
    3 points
  29. Everything I send outside of the organization (banks, insurance companies, etc.) is labeled "Unaudited". I have a good idea of what I am and am not allowed to do in my position in the company. I don't sign on the bank accounts (especially payroll) because I do our internal audits and bank recs. I don't make any assurances that the work I have done can be relied upon for credit or lending decisions. In fact I always state that the financial statements are not to be relied upon for any reason and I reserve the right to revise or correct them as needed without notification. Hey, ma
    3 points
  30. MD did the same thing with unemployment and QB hasn't finished the programming yet. Thanks for reminding me I still need to file my unemployment report. Also, my EFTPS password expired so I go to update that and then enter it in QB so I could pay my 941 taxes. Good thing I wasn't doing it last minute!
    3 points
  31. And as long as she actually gets paid, and claims the income.
    3 points
  32. but we have to wait for the super secret PIN to come via snail mail. Why they can't just email it to you or give you a pop up screen to print when you get it - like when you get your EIN.
    3 points
  33. Tuesday 20 October: CCH Software News - October 15, 2020, Extension Filing Deadline Dear CCH Customer: The extended due date for 2019 Individual (1040) and Corporation (1120) returns is Thursday, October 15, 2020. Information for electronically filing returns through the deadline is as follows. Timely Filed To be timely filed, CCH must receive your returns before 11:59 PM CDT on Thursday, October 15, 2020. Note: To avoid processing issues with the taxing authorities, we validate all returns before submission to the taxing authorities. If we stop returns for sch
    3 points
  34. If you just need 5 more days, change one letter of the first four letters of the last name and transmit it tomorrow. It will reject and you'll have 5 days to correct and not be considered late. I've done this at least 3 times in the past and I think one of my coworkers is doing it this year.
    3 points
  35. We paid nothing for a long time until we paid a lot. Plus, didn't the EA renewal fee go down to balance out the PTIN fee going up? We're so lucky to pay the government to help tax payers comply with the government (sarcasm emoji).
    3 points
  36. Remember, this was the result of the lawsuit saying that the fee constituted a tax not authorized by Congress. The U S District Court agreed and as a result the fee was zero while the ruling was appealed up to the U S Court of Appeals which said the IRS could only charge a fee to recoup the cost of administering the PTIN Program and sent the case back down to the U S District Court to decide the amount of the fee allowed. The current fee is the result of all of the legal wrangling.
    3 points
  37. Been there, done that, set the drop dead date earlier. They still come in like headless chickens on October 10th, but at least they come in knowing they may well go past the deadline. It actually makes more space for the super-lateys, when the others obeyed the earlier date. And I force myself, yet again, NOT to care more than they do.
    3 points
  38. I did this today as well. Thieving you-know-whats. It's so sad that we have to pay to work for the IRfrikkinS for free.
    3 points
  39. Copy and paste from last year. I bet that's what your CPA firm does. Update dates and amounts as necessary. You only need to write a new note from scratch if something is added or is different from last year.
    3 points
  40. GAAP, partnership, audited financials. Knowing the specific industry may also be helpful if there are specific guides for it. Fwiw, I use only the guides from PPC (Practitioner Publishing Co) through Thomson Reuters. If looking at its products, I'd start with the guide called "Preparing Financial Statements" that goes through each major item on each statement and has a chapter on disclosures that includes summary and comprehensive checklists of required disclosures, either in the statements themselves or in the notes. The appendix to that chapter also has some illustrative notes. PPC al
    3 points
  41. Like not needing tax preparer?
    3 points
  42. In other words, the 80k was wrongfully included in sales, because it was deposited to the bank account but not properly recorded as a liability. That means the losses they reported on Sch C were off by 80k, and returns should be amended. Some of that 80k is probably penalties and interest. This is why I don't like to do Sch C's without a balanced set of books.
    3 points
  43. I've been using the CCH Portal with good success over the past two seasons. It's relatively easy to use and even some of my older clients have navigated it without any issues. Now that ATX will offer an electronic signature option as part of it's package (at least for max) the entire process should become much more efficient. Hope this helps a bit.
    3 points
  44. Oh, maybe this week it's because I moved a topic to the Drake forum, or because every new member seems to revive a topic many years old. I thought that issued had been resolved a while back. Guess not.
    3 points
  45. The search feature on irs.gov doesn't like ANYONE. For some (like me), it's actively hostile; for others it's simply unhelpful.
    3 points
  46. I know I won't remember it and took a screenshot of how to do it. Now I will have to remember to look for this helpful advice on my tablet. I stored something about converting an organizer to fillable fields using some pdf function or through Word, but I couldn't find that either and finally gave up. That's what happens when I need something once a year and think I'll remember how.
    3 points
  47. I did not remember that, and the real question will be can I remember this when I actually want to be able to use it.
    3 points
  48. Oh, I know. Searching directly on IRS brings up pages upon pages. I just use Google and look for the ones that go to the IRS site b/c Google narrows the search more.
    3 points
  49. Don’t quote me on this, the AICPA or our state’s society prohibits non- CPA (licensed) on preparing financial statement to present to third parties and worst prepare notes. I believe this applies to when compilations and audits are required, I remember in the past sneaky clients would say, can you send the bank our companies financial statements on your letterhead, here is our QB backup, they are already done. Read this: https://www.accountingweb.com/aa/standards/new-financial-statement-service-a-gift-to-cpas-and-clients Maybe they think you are a CPA
    2 points
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